China introduces a national standard for blockchain technology

The Ministry of Industry and Information Technology of China (MIIT) has released a national standard for blockchain technology to control the development of the industry in the country.

The media reports that the guideline will standardise the functional architecture and the main components of the blockchain system, and will also serve as a reference for a better understanding and use of the technology.

According to the statement of the MIIT, the standard is aimed at accelerating the standardisation of China’s blockchain industry and its further development. Over a hundred blockchain companies in the country are preparing to apply this standard to their operations.

Despite China’s harsh stance on cryptocurrencies, the country is actively exploring the use of blockchain technology. On May 10, a new national blockchain research centre was launched in China. It is designed to connect universities, developers and crypto companies in order to contribute to the growth of the industry. The main task of the centre will be to conduct research and introduce innovations that will help China’s expansion into the blockchain space.

MIIT plans to continue to strive towards the standardisation of the blockchain industry and implement these standards throughout the country. The representatives of the ministry noted that it will improve the level of development of this sphere in order to maintain the power of China in the digital field.

China also used blockchain technology to develop the digital yuan. The national digital currency has already been successfully tested in several jurisdictions.

Some representatives of the crypto community noted that the decisions taken by the Chinese government predict a possible trend change, resulting in that the country will have a more open approach to digital currencies.

Coinbase’s CEO Brian Armstrong said that China and other countries may use a negative regulatory environment the United States to increase their influence in the crypto sphere. Earlier, the US Commodity Futures Trading Commission sued Binance.